Zcash (ZEC) Tops $125 Million Crypto Liquidation Wipeout in 24 Hours

Shorts Take 87.66% of the Wipeout

Leveraged positions worth $125.05 million were liquidated across the crypto market in the 24 hours to 06:56 UTC on September 6 — a total that, read on its own, is neither a record flush nor a trivial rounding error, but whose composition carries the real signal. Short positions absorbed 87.66% of the wipeout, meaning bearish bets were forcibly unwound 7.1 times more often than longs. Long-side closures came to just $15.44 million, against roughly $109.61 million on the short side, per derivatives liquidation data compiled from the aggregated top-20 table. A trading volume lens helps here: liquidation tables rank assets by activity, and the ones that traded hardest were the ones where bears bled. That gap describes a market drifting higher faster than short sellers could reprice — Bitcoin (BTC) traded at $79,789 at the time of the snapshot, up 0.15% over the window, while Ethereum (ETH) changed hands near $2,507, a 2.17% gain, so sellers who had borrowed against the tape were the ones paying for it. Among other major assets, Solana (SOL) added 3.27%, Hyperliquid (HYPE) 2.67% and XRP (XRP) 1.18%, while Zcash (ZEC) sprinted 16.02%, the steepest climb among the assets in the table. For clarity: a liquidation is the forced closure of a leveraged position when margin can no longer cover losses, and in a rising market it is shorts who face the calls. The tally covers only the top 20 assets in the aggregated tables rather than the full market, price references follow CoinMarketCap levels, and because exchanges and products count liquidations differently, other trackers may print different totals for the same window.

ZEC Tops the Per-Coin Table

By asset, Zcash (ZEC) took the largest share of the wipeout at $38.70 million, and the direction was emphatic: $36.78 million of that — 95% — came from shorts caught betting against a 16% rally. Privacy assets are no strangers to sharp squeezes, though ZEC should not be conflated with Bitcoin Private (BTCP), a separate token from an earlier fork era; the move here was a price-driven margin event, not a supply-side shock of the kind an airdrop or unlock can produce. Ethereum followed with $29.88 million in liquidations, 86% of it short-side, and Bitcoin registered $14.82 million, 80% shorts — even the two largest assets by market capitalization saw bearish positions bear the brunt. Solana's $10.23 million was 94% shorts, BNB's $6.17 million 94%, UNI's $5.52 million 78%, and Dogecoin's (DOGE) $4.93 million 78%. SNDK also appeared in the table at $4.96 million, 95% shorts — a reminder that these tables track whatever leveraged products carry the assets, wherever they trade. Liquidation engines tally positions across centralized perpetuals and products spanning venues, and assets that move between chains through cross-chain bridges frequently quote on several markets at once, which is one reason aggregate tallies diverge from tracker to tracker. The figures again describe the top-20 table only — not aggregate market-wide open interest, nor the full universe of liquidated products across every exchange. Readers tracking the market in real time can follow live spot and futures prices on Gate.

The $94 Million Short-Long Gap

The measurement that matters most in this dataset is the distance between the two sides of the book: $109.61 million of short pain against $15.44 million of long pain — a spread of roughly $94.17 million in favor of the bulls, printed inside a single 24-hour window. The data carries no prior-period baseline against which to measure the $125.05 million total itself, so the headline figure stands alone; what the split does confirm is direction — this was a short squeeze, not a long capitulation. In COINOTAG's reading, leverage rebuilt into strength remains the fragility to watch: when one side of the book absorbs nearly nine dollars of every ten in losses, positioning, not price, is doing the dictating.